$1.5 Quadrillion Bubble & Gold Into The Stratosphere – Greyerz

Submitted by IWB, on July 21st, 2012

KWN

Today Egon von Greyerz told King World News, “The world is simply drowning in debt.” Greyerz, who is founder and managing partner at Matterhorn Asset Management out of Switzerland, also said, “This is why it is guaranteed that governments will print money,” and that “Prices of hard assets will go into the stratosphere.”

But first, here is what Greyerz had to say about the ongoing financial crisis and where we are headed: “Spanish rates have broken back above the 7% level once again, but in reality we know that many European countries will never be able to repay these debts. You now have a total worldwide debt of around $150 trillion. If you add to that contingent liabilities, unfunded liabilities, pension funds, etc., you are talking about $500 trillion.”